BOSTON (CBS) — Data from a nonpartisan research organization at Harvard University shows just how hard small businesses were hit by the coronavirus pandemic.
The number of small businesses open in Massachusetts has decreased by 37% since January 15, 2020, when the first case of COVID was discovered in the U.S. Small business revenue has decreased by 44% in the same amount of time.READ MORE: Arrest Made After 80-Year-Old Shrewsbury Woman Injured In Hit & Run
The hospitality industry was hit particularly hard, according to Opportunity Insights. There was a 64.3% decrease in revenue for small businesses in the industry, which includes restaurants. The number of hospitality businesses open has decreased by 54.6%.READ MORE: Lowell Mayor Calls For School Committee Member To Resign Over Anti-Semitic Slur
The retail and transportation industry experienced a 36.8% decrease in revenue but revenue for small businesses offering professional and business services decreased by only 4.4%.MORE NEWS: Mass. Governor Grilled By State Lawmakers On COVID Vaccine Rollout
Between when Massachusetts Public Schools closed on March 17 and when stimulus payments began on April 17, the number of open small businesses when from a 10.8% decrease since January to a 52% decrease.